BKW Chief Executive Officer, Daniel Schwartz commented, "2013 was an important year for Burger King Worldwide as we grew our brand presence around the globe and made significant progress towards achieving our long-term strategic goals. We completed our global refranchising initiative, fundamentally transforming our business model and putting restaurant operations into the hands of our experienced franchisees. In North America, our focus on launching fewer, more impactful products helped drive improved sales trends as the year progressed. We grew comparable sales across all three international regions, opened 670 net new restaurants globally, and formed joint ventures in France and India to lay the foundation for continued expansion. We believe that we have the right team in place to capitalize on this success in 2014 and generate long-term value for franchisees and shareholders."

Net restaurant growth of 408, a 23.6% increase from the fourth quarter of 2012

Declared a cash dividend of $0.07 per share for the first quarter of 2014

System-wide sales grew 5.7% in the fourth quarter, driven by comparable sales growth across all four regions and strong new unit growth. We opened 670 net new restaurants in 2013, representing a 38.1% year-over-year increase.

Fourth quarter total reported revenues of $265.2 million declined (34.4%) from the prior year primarily due to the net refranchising of 360 company-owned restaurants in 2013. On an organic basis, excluding the impact of these global refranchising transactions and currency movements, revenue increased 5.2% year-over-year due to net restaurant growth and global comparable sales growth.

Fourth quarter Adjusted EBITDA of $182.1 million grew 14.3% from the prior year on an organic basis, excluding the impact of refranchising transactions and currency movements, driven by double-digit EBITDA growth in Europe, the Middle East, and Africa ("EMEA"), Latin America and the Caribbean ("LAC"), and Asia Pacific ("APAC"). For the full year 2013, Adjusted EBITDA was $665.6 million, a 10.0% organic increase from 2012.

Fourth quarter Adjusted Net Income and Adjusted Diluted EPS increased 5.0% and 4.4%, respectively, compared to the prior year, due to an increase in Adjusted EBITDA partially offset by increased share-based compensation expense and increased income tax expense. For the full year 2013, Adjusted Net Income and Adjusted Diluted EPS grew 23.6% and 22.4%, respectively, compared to the prior year.

Operational and Segment Highlights

Despite a strong prior year comparison, U.S. and Canada delivered positive comparable sales growth in the fourth quarter. Comparable sales growth has improved sequentially every quarter of 2013 due to a well-balanced promotional mix and our commitment to launching fewer, more impactful products. During Q4, the introduction of the BIG KING(TM) sandwich and the first full quarter of SATISFRIES(TM), a first of its kind better-for-you French fry, helped increase sales. In addition, we added the BBQ Rib Sandwich to help drive incremental traffic in the value tier. As part of our Four Pillar strategy of Menu, Marketing Communications, Image, and Operations, we delivered considerable progress on our reimaging initiative, completing approximately 600 remodels in 2013. Approximately 30% of the U.S. & Canada system is now on the modern image, up from 19% in 2012.

EMEA grew comparable sales by 3.3% in the fourth quarter, representing the twelfth consecutive quarter of comparable sales growth in the region. Germany continued to perform well due to a strong balance between premium limited time offerings ("LTOs"), such as the MERRY CHEESEMAS® seasonal promotion, and value platforms, such as "Trial Weeks". In Spain, the EUROKING(TM) platform helped us continue our strong performance in a competitive market. EMEA system-wide sales growth of 11.7% is partly attributable to 329 net new restaurant openings in 2013, a 37.7% increase from the prior year.

LAC delivered comparable sales growth of 1.8% in the fourth quarter, primarily driven by strong performance in Brazil. In Brazil, the X-WHOPPER® premium LTO and the roll-out of the BK® Rodeo Jr. sandwich were effective at generating sales growth. LAC system-wide sales growth of 17.3% includes the impact of 160 net new restaurant openings in 2013.

APAC generated comparable sales growth of 6.2% in the fourth quarter, driven by continued strength in Australia and South Korea, where new premium offerings complemented the Hero and WOW value platforms. China continued its positive momentum due to premium LTOs and a new afternoon snacking value menu that is performing well. APAC system-wide sales growth of 11.3% was partly driven by 221 net new restaurant openings in 2013, more than twice the number of net new restaurants we opened in the region in 2012.

As part of the BKW's international expansion strategy, the company recently announced the formation of new joint ventures in France and India. We believe that we have the right operating and financial partners to build the BURGER KING® brand and accelerate growth in both of these attractive markets.

Cash and Liquidity

As of year-end, total debt was $3.0 billion and net debt was $2.3 billion. The net debt to trailing twelve month ("TTM") Adjusted EBITDA ratio declined (0.4x) from the prior year due to a $240 million increase in our cash balance.

On February 12, 2014, the company's Board of Directors declared a dividend of $0.07 per share for the first quarter of 2014. The dividend is payable on March 12, 2014, to shareholders of record at the close of business on February 26, 2014. Future dividends will be determined at the discretion of the Board of Directors.

Investor Conference Call

The company will host an investor conference call and webcast at 8:30 a.m. Eastern Time, Thursday, February 13, 2014, to review financial results for the quarter and year ended December 31, 2013. The earnings call will be broadcast live via the company's investor relations website at http://investor.bk.com and a replay will be available for 30 days following the release. The dial-in number is (877) 317-6776 for U.S. callers and (412) 317-6776 for international callers.

About Burger King Worldwide

Founded in 1954, BURGER KING® (NYSE: BKW) is the second largest fast food hamburger chain in the world. The original HOME OF THE WHOPPER®, the BURGER KING® system operates in over 13,000 locations serving more than 11 million guests daily in 97 countries and territories worldwide. Approximately 100 percent of BURGER KING® restaurants are owned and operated by independent franchisees, many of them family-owned operations that have been in business for decades. To learn more about Burger King Worldwide, please visit the company's website at www.bk.com or follow us on Facebook and Twitter.

Industry Intelligence editor's note: In an omitted table, the company reported fourth-quarter 2013 net income of US$66.8 million compared to fourth-quarter 2012 net income of $48.6 million.

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